Fed funds closed at 0.28 percent on Jan. 17 after trading
from 0.03 percent to 0.28 percent and averaging 0.05 percent,
ICAP Plc, the world’s largest inter-dealer broker, said in an e-mailed statement.

The central bank will acquire $1 billion to $1.5 billion of
Treasuries maturing from February 2036 to November 2043. The
purchases, which are permanent open market operations, are the
part of the Fed’s quantitative easing program aimed at keeping
long-term rates low.

The Fed may also conduct a test of an overnight fixed-rate
reverse repo facility. The temporary open-market operations will
use Treasuries as collateral.